Nicholas Wealth has submitted filings for two innovative Bitcoin exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC) as of December 9, 2025. The first, named the Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT), aims to capitalize on Bitcoin's after-hours performance by maintaining Bitcoin exposure exclusively when U.S. markets are closed. The second, the Nicholas Bitcoin Tail ETF (BHDG), employs options strategies to protect against significant Bitcoin downturns. Both ETFs are structured to avoid direct Bitcoin holdings, instead utilizing futures, exchange-traded products (ETPs), and options. The SEC's review process is underway, with potential approval and launches anticipated in 2026.